The Outsider’s Trade on Disney

has “come down huge,” Cramer said during Wednesday’s Stop Trading!, after two people were arrested on charges of insider trading. But that’s just a chance to buy the stock at a discount, as he thinks the company is well run and low gas prices this summer will boost business at Disney’s theme parks.

Elsewhere in the market, Teva Pharmaceuticals is “a great opportunity” right now, Cramer said. Teva, a generic and proprietary drug company, was down about $1.90, or 3.4%, in today’s trading session, but not because there’s anything wrong with the company. As of Thursday, Morgan Stanley will remove Israel from its emerging-markets index and add it to its world index. As a result, funds that track Morgan’s emerging-markets index have been forced to sell the stock, and that has hurt the share price.

Cramer is still bullish on Teva, citing its acquisition of Ratiopharm and ability to withstand the pressure from Europe right now. He expects the stock to pick back up “over time” as the funds that track Morgan’s world index begin to buy the stock.

Cramer said he’s now watching Banco Santander and Banco Bilbao “to determine the stress level of Europe.” He called them “major” and “good” banks that will act as key tells for the Continent.

SanDisk is at its 52-week high, which should indicate “some health in the gadget market,” Cramer said. He also thinks the Chinese consumer is resurgent, another factor that could help this company.

Lastly, Cramer reiterated his call that investors should stick with accidental high-yielders until the European Central Bank dramatically lowers its interest rates and the European Union comes together as a whole to solve its debt crisis.

“So when the market rallies, don’t get excited,” Cramer said. “It’s not sustainable … until we get something definitive out of Europe.”